National Assembly approval of CIFIA bill not a threat, forensic auditor explains

National Assembly approval of CIFIA bill not a threat, forensic auditor explains

- The conversation on the Chartered Institute of Forensic and Investigative Auditor's (CIFIA) bill is still on

- The National Assembly is currently expected to pass the bill in the nearest future

- Forensic auditors have however put paid to rumours that the bill is a security threat in Nigeria's financial sector

The protem president of the proposed Chartered Institute of Forensic and Investigative Auditor's (CIFIA) bill, Enape Ayishetu, has debunked media reports suggesting the CIFIA bill is a security threat in Nigeria's financial sector.

Ayishetu made the clarification after an online medium (not Legit.ng) highlighted her role in promoting the bill, currently under consideration by the National Assembly (Senate).

She described the publication as “a hatchet job orchestrated by some disgruntled persons who would rather continue to take advantage of the dearth of forensic and investigative experts in Nigeria to perpetrate financial fraud.”

She opined that the publication was geared towards distracting her from playing her role as a pro-tem president of CIFIA and to dissuade the Senate from giving the bill favorable consideration.

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Her words: “I deem it appropriate to defend my family name and professional passion by setting the records straight especially as its concerns my selfless and altruistic involvement with the promotion of the noble objectives of CIFIA as well as my academic and professional accomplishment which forms the basis for the former.

“It should be noted that while this malicious publication can be easily dismissed by every discerning mind considering the timing and the obvious lies conveyed in the publication, leaving such lies in the public domain without appropriate response may be interpreted by unsuspecting members of the public as conceding to the antics of those behind this publication. I therefore wish to set forth the following critical facts as my rejoinder to this mischievous and calumnious publication.

“On the allegation that the CIFIA bill is meant to perpetuate my family interest. With respect to the spurious allegation that CIFIA is a family affair and the CIFIA bill when passed would pave way for the perpetuation of the interest of the Enapes, it is important to point out that there is no provision of the CIFIA bill that makes the Enapes life members of the Board of Trustees of the Association of Forensic and Investigative Auditors (AFIA) or life members of the governing council of the CIFIA.

“Clause 4 of the CIFIA Bill under consideration by the Senate provides for the election, qualification and tenure of the president, vice president, and other officials of the CIFIA and nowhere is it provided that the above offices are hereditary or based on blood ties to the Enape family. These offices are opened to all members who possess certain professional qualifications stipulated under clause 4(6) of the Bill and not dependent on members’ ties to the Enapes.

“It should equally be recalled here for clarity that prior to the instant CIFIA Bill currently under consideration by the Senate, AFIA, Canada appointed me as its representative in Nigeria with a mandate to promote the training and certification of the much needed forensic and investigative auditors in the country.

“During this period , it became obvious to me that there is an urgent need for the establishment of an indigenous association of forensic and investigators of Nigeria to cater for the peculiar professional needs of such experts in the country hence AFIA was registered with the Corporate Affairs Commission (CAC) Abuja on June 17, 2016.

“Like most professional associations, which are often started by family members or professional colleagues of like minds with a vision to promote the growth and development of a particular profession, AFIA started with me truly and Pastor Joseph Enape.

“Between 2016 and 2018, however, AFIA has transformed its governing structure significantly admitting distinguished personalities of diverse academic and professional backgrounds into its governing council considering the multidisciplinary nature of its successor, Besides, I want to state that AFIA and CIFIA are two different ball games and that means that AFIA in CAC has no legal consequences for CIFIA.

“While AFIA in CAC was registered as a non-profit making organization with the trustees as reconstituted in April, 2018, CIFIA as of today, now under consideration by the Senate for the purposes of granting a legislative recognition has the following distinguished personalities as protem members of the governing council namely Enape Victoria Ayishetu, Professor Bayero Muhammad Sabir, Mr Okoro Eddybrown, Professor Aminu Makailu, Mrs Grace Iloba , Dr Gbegi Daniel, Dr Salawu Philips, Mr Obaka James, Ms Joseph Grace, Hajiya Kudirat Abdul-Hamid, Prof . Herbert Wilson.

“Given the pedigree of the members of the council as listed above, it smacks of malicious mischief for some anonymous authors under the pretext of investigative journalism to describe the proposed CIFIA and its enabling bill as an attempt to perpetuate family interests.

“On the contrary, the bill when passed will pave way for the professional development and certification of forensic and investigative auditors to boost Nigeria’s war against corruption. I need not to add here that several eminent professional bodies in Nigeria including the Chartered Institute of Accountants of Nigeria (ICAN).”

She stated that her academic qualifications are authentic, credible and verifiable as against the suggestion in the publication that she was unqualified for her present role.

She noted that there is also no provision of the Public Service Rules or the Companies and Allied Matters Act that prohibit her participation in professional associations either as a trustee or principal promoter.

She emphasized that contrary to the publication's suggestions of compromise by federal lawmakers, the Senate has been very transparent in the handling of the bill “and even gave all stakeholders the opportunity to make their contributions to the final outlook of bill at a public hearing recently organized by Senate committee on establishment and public service.”

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She canvassed for support of the CIFIA bill, stressing that it will benefit it will have direct benefit to the nation in several ways including the following:

(1) CIFIA will partner with relevant government agencies and help to train and certify their agents and staff on the use of forensic and investigative skills;

(2) It will help to strengthen the nation’s institutional capacity for preventing financial fraud thereby bringing us at par with other developed countries in line with global standards and competitiveness;

(3) It will stimulate public confidence in our financial fraud prevention mechanisms and enhance transparency and accountability in our economic system;

(4) It will also answer the question often posed by foreign investors as to the safety and guarantee of their foreign direct investments (FDIs) in our country;

(5) Having a home based forensic and Investigative Auditors will save the Nigerian government the cost of inviting Foreign Forensic Auditors for fraud investigation as it were in the case of NNPC regarding the missing Twenty billion Dollars ($20b) in the year 2014.

Meanwhile, Vice President Yemi Osinbajo has expressed confidence that investments in Nigeria will succeed because according to him, the Buhari administration is committed to doing things right.

Osinbajo made the comment at the Direct Investors’ Summit 2018 held on Tuesday, May 22, in Abuja, adding that Nigeria has emerged from its recent economic recession determined more than ever to make up for lost time and missed opportunities.

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Source: Legit.ng

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